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Thu, 29 Oct 2026
BreakingEarnings

Trane Technologies lifts 2026 revenue outlook but holds EPS guide

Q3 adjusted EPS of $4.86 beat the $4.74 Zacks consensus on Nasdaq.com. The shares were down 5.67% at 10:41 ET (15:41 CET) on 29 October, per Nasdaq, with trading still open.

By AI markets desk·Sources: 4 sources·Published ·AI-generated·2 min read
Key facts
  • Adjusted continuing EPS (non-GAAP) · Q3 20264.86 $ +25%; Zacks consensus $4.74
  • Net revenues · Q3 20266.76 $bn +18%
  • 2026 reported revenue growth outlook · Guidance issued 29 October 2026about 13.5 % Was about 11.5% (30 July)
  • 2026 adjusted continuing EPS outlook · Guidance issued 29 October 202615.20-15.30 $ Unchanged from 30 July
  • Backlog · 30 September 202612.5 $bn +73% year on year
Outlook changeRaised

Reported revenue growth FY 2026

New13.5%

Approximate figures; organic growth outlook raised to about 11% from about 9%; previous outlook issued 30 July 2026

Source: Trane Technologies Q3 and Q2 2026 results releases (Form 8-K, Exhibit 99.1), Guidance issued 29 October 2026.

Trane Technologies raised its 2026 revenue outlook on 29 October 2026 and now expects reported growth of about 13.5% and organic growth of about 11%, up from about 11.5% and 9% in its 30 July release, according to its third-quarter results release. It kept its EPS outlook at about $15.00-$15.10 for GAAP continuing EPS and $15.20-$15.30 for adjusted continuing EPS, a non-GAAP measure. Third-quarter net revenues rose 18% year on year to $6.76bn.

Adjusted continuing EPS rose 25% to $4.86 from $3.88 a year earlier, about 2.5% above the Zacks consensus of $4.74 from six estimates published on Nasdaq.com, by Polstob's calculation. GAAP continuing EPS also rose 25%, to $4.79 from $3.82. Adjusted operating income, also non-GAAP, rose 15% to $1.36bn, but the adjusted operating margin narrowed by 40 basis points to 20.2%, and the GAAP operating margin fell by the same amount to 19.9%. Regnery said the quarter included record operating income.

Orders and backlog
  • Bookings$7.25bn+21.2% vs Q3 2025
  • Backlog$12.5bn
  • Book-to-bill1.07

Source: Trane Technologies Q3 2026 results release (Form 8-K, Exhibit 99.1), Q3 2026; backlog at 30 September 2026.

Bookings rose 21% to $7.25bn, or 20% on an organic basis, for a book-to-bill ratio of 107%, and backlog was up 73% at $12.5bn, with Americas Commercial HVAC backlog up about 80%. In the second quarter, organic bookings had risen 37% and book-to-bill was 123%, the July release shows. Americas revenue rose 21% to $5.65bn and its adjusted operating margin widened by 50 basis points to 22.3%. EMEA revenue rose about 1% and Asia Pacific revenue 8%, while their adjusted operating margins narrowed by 250 and 390 basis points. EMEA bookings rose 40%, a book-to-bill of 147%.

Free cash flow, a non-GAAP measure, was $2.83bn in the first nine months of 2026, against $1.79bn a year earlier. Through October the company had deployed or committed about $3.4bn, including about $930m for dividends, $1,080m for acquisitions and $1.4bn for share repurchases. Cash was $1.23bn and debt $4.22bn at 30 September 2026.

Trane shares were at $423.03 at 10:41 ET (15:41 CET) on 29 October 2026, down 5.67% from the previous close of $448.47, according to Nasdaq; the regular session was still open. The company furnished the release to the SEC at 06:40 ET (11:40 CET), before the New York market opened.